PANORAMA
ActiveSummary
PANORAMA has been active since 2008 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €1.0m and a net result of €162,074. Equity is growing by ~8.6% per year across the filed fiscal years. Its solvency ranks better than 70% of 9341 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.2% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability80▲+3
Solvency81▲+3
Growth52=
Track record100
Bankruptcy probability, 12 months
0.2%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €85,000 at 30 days acceptable
Liquidity tight (current ratio 1.34 against 1.25 in 2024; short-term debt: 37.9% and cash: 43.9% of total assets), and 44% of the assets are financed with debt.
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Signals
Four signals. The signal on the left, the evidence on the right.
−lowers risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 68
Relative position
BE, all sectors
reference
Real estate activities (NACE 68)
about 43% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
56%
Return on assets
8.7%
Age of the figures
9 mo
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 16-04-2026, 106 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
106 d early
2024
34 d early
2023
30 d late
2022
26 d early
2021
34 d early
2020
37 d early
2019
141 d early
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 50 days before the deadline; the sector median for financial year 2024 is 7 days before the deadline, and 36% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. Usually files around 27 June (4 of the last 5 filed years within 65 days of that day).
Companies Code · seven monthsPosition in the running window
29-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, abbreviated schema
Equity
€1.0m▲ 2.2%
2024 · €1.0m
Total assets
€1.9m▼ 4.1%
2024 · €1.9m
Net result
€162,074▲ 26.5%
2024 · €128,126
Working capital
€240,243▲ 22.8%
2024 · €195,559
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€1.0m▲ 71.5%€505,828▼ 51.6%€324,938▼ 35.8%€153,552▼ 52.7%€180,848▲ 17.8%
Net result€895,003above the sector's middle half▲ 54.2%€482,705above the sector's middle half▼ 46.1%€292,974above the sector's middle half▼ 39.3%€128,126above the sector's middle half▼ 56.3%€162,074above the sector's middle half▲ 26.5%
Equity€926,088within the sector's middle half▲ 69.2%€944,437within the sector's middle half▲ 2.0%€997,411within the sector's middle half▲ 5.6%€1.0mwithin the sector's middle half▲ 1.8%€1.0mwithin the sector's middle half▲ 2.2%
Total assets€3.4mwithin the sector's middle half▲ 35.0%€2.7mwithin the sector's middle half▼ 20.9%€2.1mwithin the sector's middle half▼ 22.1%€1.9mwithin the sector's middle half▼ 6.4%€1.9mwithin the sector's middle half▼ 4.1%
Debt€2.4m▲ 25.3%€1.7m▼ 29.6%€1.1m▼ 37.4%€918,340▼ 14.1%€816,365▼ 11.1%
Working capital-€70,558within the sector's middle half▲ 85.1%-€557within the sector's middle half▲ 99.2%€119,366within the sector's middle half€195,559within the sector's middle half▲ 63.8%€240,243within the sector's middle half▲ 22.8%
Solvency27.6%within the sector's middle half▲ 5.6pp35.6%within the sector's middle half▲ 8.0pp48.3%within the sector's middle half▲ 12.7pp52.5%within the sector's middle half▲ 4.2pp56.0%within the sector's middle half▲ 3.5pp
Current ratio0.97within the sector's middle half▲ 0.261.00within the sector's middle half▲ 0.031.13within the sector's middle half▲ 0.131.25within the sector's middle half▲ 0.121.34within the sector's middle half▲ 0.09
Return on assets (ROA)26.7%above the sector's middle half▲ 3.3pp18.2%above the sector's middle half▼ 8.5pp14.2%above the sector's middle half▼ 4.0pp6.6%above the sector's middle half▼ 7.6pp8.7%above the sector's middle half▲ 2.1pp
Staff (FTE)2.9within the sector's middle half▼ 27.5%2.1within the sector's middle half▼ 27.6%0.8within the sector's middle half▼ 61.9%1.3within the sector's middle half▲ 62.5%1within the sector's middle half▼ 23.1%
above
within
below
the middle half (P25 to P75) of NACE 68, Real estate activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the abbreviated schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result recovers in 2025; 2025 is 18% above 2024.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €1.9m
Fixed assets
€911,589 ▼ 4.8%
Current assets
€942,386 ▼ 3.5%
Equity and liabilities €1.9m
Equity
€1.0m ▲ 2.2%
Debt
€816,365 ▼ 11.1%
Debt's share of the balance-sheet total falls from 47.5% to 44.0%. Equity is higher and debt is lower.
Key figures and ratios
EBITDA
€266,556▲
2024 · €239,975
Cash flow
€247,782▲
2024 · €214,549
Debt to equity
0.79▼
2024 · 0.90
ROE
15.6%▲
2024 · 12.6%
Interest coverage
27.58▲
2024 · 15.37
Debt ≤ 1 year
€702,143▼
2024 · €781,201
Debt > 1 year
€114,222▼
2024 · €136,388
Income taxes
€10,732▲
2024 · €9,833
Staff costs
€43,091▼
2024 · €69,172
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 34,696 companies that looked in July 2024 the way this one looks now, 0.7% went bankrupt within 24 months and 95% are still going.
- Micro
- 10 to 20 years old
- solvency 30% or more
- a profit of 5% of the balance sheet or more
0.7%
went bankrupt
3.9%
stopped otherwise
95%
still going
For this company itself Checked computes a bankruptcy probability of 0.2% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,338 companies of July 2024 its group's bankruptcy share. Expected: 1.6%; actually bankrupt within 24 months: 1.7%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 1.0% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.9% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 34,696 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €5,945 | €0 | - | €4,977 | - |
| Remuneration, social security and pensions62 | €126,988 | €103,839 | €34,679 | €69,172 | €43,091 | ▼ 37.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €107,094 | €92,452 | €86,696 | €86,423 | €85,708 | ▼ 0.8% |
| Other operating charges640/8 | €22,639 | €15,902 | €15,658 | €18,204 | €24,112 | ▲ 32.5% |
| Non-recurring operating charges66A | €5,832 | - | - | - | - | - |
| Gross operating margin9900 | €1.3m | €718,021 | €461,971 | €327,351 | €333,759 | ▲ 2.0% |
| Operating profit (loss)9901 | €1.0m | €505,828 | €324,938 | €153,552 | €180,848 | ▲ 17.8% |
| Financial income75/76B | €136 | €0 | €15 | €25 | €1,622 | ▲ 6,366% |
| Recurring financial income75 | €136 | €0 | €15 | €25 | €1,622 | ▲ 6,366% |
| Financial charges65/66B | €8,920 | €12,530 | €10,856 | €15,618 | €9,664 | ▼ 38.1% |
| Recurring financial charges65 | €8,920 | €12,530 | €10,856 | €15,618 | €9,664 | ▼ 38.1% |
| Profit (loss) for the period before taxes9903 | €1.0m | €493,298 | €314,096 | €137,959 | €172,806 | ▲ 25.3% |
| Income taxes67/77 | €140,576 | €10,593 | €21,122 | €9,833 | €10,732 | ▲ 9.1% |
| Profit (loss) for the period9904 | €895,003 | €482,705 | €292,974 | €128,126 | €162,074 | ▲ 26.5% |
| Profit (loss) for the period to be appropriated9905 | €895,003 | €482,705 | €292,974 | €128,126 | €162,074 | ▲ 26.5% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €3.4m | €2.7m | €2.1m | €1.9m | €1.9m | ▼ 4.1% |
| Fixed assets21/28 | €1.2m | €1.1m | €1.0m | €957,116 | €911,589 | ▼ 4.8% |
| Tangible fixed assets22/27 | €1.2m | €1.1m | €1.0m | €957,116 | €911,589 | ▼ 4.8% |
| Land and buildings22 | €1.2m | €1.1m | €1.0m | €946,246 | €866,027 | ▼ 8.5% |
| Plant, machinery and equipment23 | €7,332 | €8,712 | €5,870 | €7,069 | €5,346 | ▼ 24.4% |
| Furniture and vehicles24 | €38,836 | €11,070 | €7,435 | €3,801 | €40,216 | ▲ 958% |
| Current assets29/58 | €2.1m | €1.5m | €1.0m | €976,760 | €942,386 | ▼ 3.5% |
| Amounts receivable within one year40/41 | €439,934 | €378,439 | €91,688 | €63,911 | €129,161 | ▲ 102% |
| Trade receivables40 | €439,934 | €170,440 | €89,073 | €63,668 | €129,161 | ▲ 103% |
| Other amounts receivable41 | - | €207,998 | €2,615 | €243 | €0 | ▼ 100% |
| Cash at bank and in hand54/58 | €1.7m | €1.1m | €934,677 | €912,849 | €813,225 | ▼ 10.9% |
| Deferred charges and accrued income490/1 | €9,000 | €2,000 | €0 | - | - | - |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €3.4m | €2.7m | €2.1m | €1.9m | €1.9m | ▼ 4.1% |
| Equity10/15 | €926,088 | €944,437 | €997,411 | €1.0m | €1.0m | ▲ 2.2% |
| Contributions10/11 | €20,000 | €19,798 | €19,798 | €19,798 | €19,798 | = |
| Reserves13 | €906,088 | €924,639 | €977,613 | €995,739 | €1.0m | ▲ 2.2% |
| Distributable reserves133 | €906,088 | €924,639 | €977,613 | €995,739 | €1.0m | ▲ 2.2% |
| Profit (loss) carried forward14 | - | - | €0 | €0 | €0 | - |
| Amounts payable17/49 | €2.4m | €1.7m | €1.1m | €918,340 | €816,365 | ▼ 11.1% |
| Amounts payable after more than one year17 | €225,273 | €180,721 | €158,555 | €136,388 | €114,222 | ▼ 16.3% |
| Financial debts170/4 | €225,273 | €180,721 | €158,555 | €136,388 | €114,222 | ▼ 16.3% |
| Amounts payable within one year42/48 | €2.2m | €1.5m | €906,999 | €781,201 | €702,143 | ▼ 10.1% |
| Current portion of amounts payable after more than one year42 | €54,252 | €44,552 | €22,167 | €22,167 | €22,167 | = |
| Trade debts44 | €275,190 | €100,767 | €127,126 | €105,507 | €121,874 | ▲ 15.5% |
| Suppliers440/4 | €275,190 | €100,767 | €127,126 | €105,507 | €121,874 | ▲ 15.5% |
| Advances received on contracts in progress46 | €916,747 | €590,369 | €362,253 | €387,176 | €364,823 | ▼ 5.8% |
| Taxes, remuneration and social security45 | €207,102 | €25,989 | €37,164 | €31,642 | €46,717 | ▲ 47.6% |
| Taxes450/3 | €198,445 | €25,989 | €37,164 | €31,495 | €46,254 | ▲ 46.9% |
| Remuneration and social security454/9 | €8,658 | - | - | €146 | €463 | ▲ 216% |
| Other amounts payable47/48 | €736,420 | €764,249 | €358,289 | €234,710 | €146,563 | ▼ 37.6% |
| Accrued charges and deferred income492/3 | €11,150 | €750 | €3,170 | €750 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €895,003 | €482,705 | €292,974 | €128,126 | €162,074 | ▲ 26.5% |
| + Depreciation and write-downs630 | €107,094 | €92,452 | €86,696 | €86,423 | €85,708 | ▼ 0.8% |
| Operating cash flow (approximation) | €1.0m | €575,156 | €379,670 | €214,549 | €247,782 | ▲ 15.5% |
| Investment in fixed assets (approximation) | - | €14,152 | €0 | -€3,770 | -€40,182 | ▼ 966% |
| Change in cash | - | -€525,288 | -€210,253 | -€21,827 | -€99,625 | ▼ 356% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
16-04
NBB filing
Annual accounts filed
fiscal year 2025 · abbreviated schema
2025
27-06
NBB filing
Annual accounts filed
fiscal year 2024 · abbreviated schema
2024
31-12
Financial
Weakest financial yearnet €128,126 ▼56.3%
Net result drops to €128,126, the lowest in the series; recovery starts the following year.
31-12
Financial
Equity above €1mEq €1.0m ▲1.8%
7 profitable years in a row build equity to €1.0m.
30-08
NBB filing
Annual accounts filed
fiscal year 2023 · abbreviated schema · 30 days late
2023
05-07
NBB filing
Annual accounts filed
fiscal year 2022 · abbreviated schema
2022
27-06
NBB filing
Annual accounts filed
fiscal year 2021 · abbreviated schema
2021
31-12
Financial
Highest result since 2018net €895,003 ▲54.2%
Operating result €1.0m, net result €895,003, both a record.
24-06
NBB filing
Annual accounts filed
fiscal year 2020 · abbreviated schema
2020
12-03
NBB filing
Annual accounts filed
fiscal year 2019 · abbreviated schema
2019
12-07
NBB filing
Annual accounts filed
fiscal year 2018 · abbreviated schema
2018
27-06
NBB filing
Annual accounts filed
fiscal year 2017 · abbreviated schema
2017
23-06
NBB filing
Annual accounts filed
fiscal year 2016 · abbreviated schema
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 6 acts read
About the unread acts
We know of 6 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
6 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Brugge · 1 establishment unit since 2008
Ground area
648 m²
Building footprint
249 m²
Volume, LiDAR
1,573 m³
Parcel 31030A0210/00W008, Flanders · tallest building 10.6 m, ±2 floors. Linked by address, not a title deed.
5
companies at this address
See who is registered here
1 establishment unit
PANORAMA
since 20082.171.460.212
1 parcel
Flanders
1
(100%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 31030A0210/00W008 | Flanders | 648 m² | 1 · 249 m² | 10.6 m · 2 fl. |
Linked by address, not proof of ownership
Good to know
1 of 1 parcel with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
Structure & network
Owners and holdings
1 ownerChain of control
- PANORAMAX
- PANORAMA
Highest known parent: PANORAMAX. The sources do not say who stands above it.
Owners 1
- PANORAMAXparentSourceaccounts PANORAMAX 2025100%
Holdings 0
No holding stated in the accounts, acts or LEI register we read.
According to the annual accounts of the other companies, the acts in the Belgian Gazette and the LEI register. The register of ultimate beneficial owners (UBO) is not public: who ultimately stands behind a natural person or a foreign parent is not stated here. A company that does not fill in these statements, or need not, is missing.
Connections & network
No current directors or connected companies found in the register.
Public money · subsidies and aid
Flemish government
2022 · 1 entry · 3,480 EUR awarded · 3,480 EUR paid| Year | Entries | awarded | paid |
|---|---|---|---|
| 2022 | 1 | 3,480 EUR | 3,480 EUR |
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Identification & contact
Identification
Legal formPrivate limited company
Founded26-06-2008
Fiscal year end31-12
Activities, NACEBEL 2025
68310Real estate agency activities
64210Activities of holding companies
82990Other business support services
E-invoicing
Reachable via Peppol
Peppol ID
0208:0898820212
Registered
02-10-2025
If you follow this company, Checked tells you the day it leaves the Peppol register.
Register as of 29 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.
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